If you have a good amount of equity, you can also call a local We Buy Houses company and they can buy it As-Is and at least get you out of hurting your credit and possibly walk with some decent Money. Ive helped many people in Lubbock,TX with the same issue.

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

Do you wanna avoid it or stop? Ways to avoid:1. Short sale. Better than foreclosure for your credit. Still stains your credit history and makes harder to get any other loans. But short sale is a long process and the lender still can sue you for the deficiency.2. Simply sell it. This works only if your equity is more than 0%. And your equity needs to be enough closing related expenses such as realtor's commission, closing costs or at least basic TLC. Upside down houses need to short sale. So these ways you can avoid the foreclosure and actually get rid of the mortgage.

Ways to stop the foreclosure, notice this is different:1. File a bankruptcy. This option only wins you time. If you still cant afford your mortgage payments, the house will be foreclosed anyway at some point. Makes a hole in credit. You can qualify only for some FHA loans after bankruptcy case is closed.2. Loan modification. You can ask your lender for better terms and rates. Sometimes they let you to tuck the reinstatement amount on top of your mortgage payoff balance. This decreases your equity. By choosing these 2 options you still gonna face foreclosure at a later, if you cant catch up with the payments.

I remember hearing a story (no idea if it's true or not) during the crash where a seller gave away/deeded/land trust?/some kind of way 1% of his property to a relative just before his home was going up for foreclosure. This made the banks postpone the date of the auction due to paperwork involved etc etc. He just kept doing this over and over until he was able to sell it when the prices went back up. So you can try that maybe? lol

Here are 8 steps to avoid foreclosure:1. Face the problem and try to restore the loan.2. Seek help from a professional lender. 3. A lender will offer you effective measures to prevent foreclosure in the first mail.4. Contact the state government housing office and learn all the foreclosure laws in your state. 5. Know all the legal ways of foreclosure prevention.6. Contact a HUD-approved housing counselor.7. Review all your finances and prioritize your spending.8. You can use assets like jewelry, car to pay the mortgages.

Do people think that we will see more foreclosures come up in the upcoming months due to a potential recession and trickle down effects of everything that is happening in the economy?

I think we will Alex, but with forebearance and governments trying to help people it will be in the future when these measures are reduced. This will help alot of people avoid foreclosure so it won't be as big as other recessions.